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2020-12-31-accounts

VICTORY BIBLE CHURCH INT

The Charity Registration Number is :- 1032224

VICTORY BIBLE CHURCH INT

Unaudited Report and Accounts

31 December 2020

VICTORY BIBLE CHURCH INT Report and accounts

Contents

Page
Charity information 1
Trustees' Annual Report 3
Statement of Trustees' responsibilities 5
Independent Examiner's Report 6
Funds Statements:-
Movements in funds 8
Statement of Financial Activities - Prior Year statement 8
Revaluation reserves 10
Revenue Funds 10
Summary of funds 10
Income and Expenditure account 12
Balance sheet 13
Notes to the accounts 15

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VICTORY BIBLE CHURCH INT
Trustees' Annual Report for the year ended 31 December 2020
The Trustees present their Report and Accounts for the year ended 31 December 2020
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Reference and administrative details

The charity is also known by its operating name, VICTORY BIBLE CHURCH INTERNATIONAL

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The charity's areas of operation and UK charitable registration.
The charity is registered in England & Wales with charity number 1032224
Legal structure of the charity
The charity is constituted as an unincorporated charity, established by Trust Deed and its governing document is a Trust Deed and its formal provisions.
The Governing Document is
dated 10 September 2007
The principal operating address, telephone number and email and web addresses of the charity are:-
33-35 SPRAY STREET
WOOLWICH, LONDON
SE18 6AP
The Trustees in office on the date the report was approved were:-
Clement Amankwa Asihene
Jennifer Adofo
Obaayaa Buahin
Dimeji Abioye
The Trustees in office during the year were:-
The trustees who served as a trustee in the reporting period were as shown above, and there were no changes during the year, or in the period between the
year end and the approval of the accounts.
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Objects and activities of the charity The purposes of the charity as set out in its governing document.

The charity is established for the promotion of the following -

The main activities undertaken in relation to those purposes during the year

The first quarter of 2020 presented the whole world with an unforeseen challenge – the COVID 19 pandemic which eventually led to a global lockdown and subsequently all institutions including the church had to make adjustments in order to circumvent the obstacles the virus presented. As will be seen in the subsequent paragraphs some of the charity’s programmes and activities had to be adapted to meet the needs of the times."The main objects for which the charity is established are - The advancement of Christian Faith; Relief of sickness and financial hardship; Promotion and preservation of good health by the provision of funds, goods or services of any kind, including the provision of counselling and support in such parts of the United Kingdom and the world as the Trustees from time to time decide; Advancement of education in such parts of the United Kingdom and the world as deemed fit by the Board of Trustees. Our headline activities however include -

A)
Various Church services, seminars, events, conferences and training programmes were organised to raise the awareness and an understanding the
Christian faith in the course of the year
B)The provision and maintenance of buildings for Christian Church services in 16 locations spread across Greater London and the Midlands.
C)
Our Bright Candidates Initiative (Saturday School), geared towards the provision of free extra-mural tuition for Primary and Secondary school students
continue to be well patronised within the local communities.
D) We have also teamed up with the UK group Christians Against Poverty (CAP) with the objective of running some of their poverty-alleviating courses from
one of our London Branches in Lewisham
E)
Our Pastors routinely look after the spiritual and socio-economic well-being of their congregants and new faith adherents. They also conduct Marriage
and funeral ceremonies, infant dedication and baptismal services as required.
F) Our Evangelism Teams regularly reach out to members of their local communities with the sole aim of spreading the good news of the Salvation message
of Jesus Christ
G)
We also embarked upon socio-welfare interventions aimed at poverty alleviation and disaster relief through donations to other reputable Charitable
organizations like Sans Frontiers & The Red Cross

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31 December 2020

VICTORY BIBLE CHURCH INT Trustees' Annual Report for the year ended

The main activities undertaken during the year to further the charity's purpose for the public benefit."

Apart from the organisation of Church services some of the other activities embarked upon by the charity specifically geared towards the general public benefit include - " Our "Bright Candidates Initiative" (Saturday School), geared towards the provision of free extra-mural tuition for Primary and Secondary school students continue to be well patronised within the local communities. " We have teamed up with the UK group Christians Against Poverty (CAP) with the objective of running some of their poverty-alleviating courses from one of our London Branches in Lewisham "Pre-marital & Post-marital counselling "Bereavement Support "Welfare Support "Continued to open operate the Well-Being Centre in our Lewisham branch to encourage the Health and Well-being of the local inhabitants "Diverse Men and Women ministries meetings "Marriage Enrichment seminars "Singles Seminars

The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.

The main achievements and performance of the charity during the year

Various activities were undertaken during the report period geared towards the spiritual, economic and socio-cultural well-being of the church members and the communities at large. Detailed achievements during the year are – Camp Meeting This has now become an established annual event during the Easter period at which various branches in the UK and Europe gather together for spiritual renewal, rejuvenation and direction. Through the seminars / sessions held during these meetings, the economic, social and other aspects of the lives of congregational members were steered in the right direction. As alluded to in the preamble, Camp meeting 2020 could not be held in person but rather online via Zoom under the theme “The Power in The Cross”. Bishop N. A. Tackie-Yarboi, the Presiding Bishop of VBCI (Worldwide) was the Guest Minister.

Ministerial Council Retreat (Formerly Known as “Leaders Retreat”)

Started in 2007, this annual retreat is aimed at sensitising the spiritual leadership of the church in the UK with the direction of the organisation as a whole. It also offers the opportunity to reiterate the vision and encourage the leaders to remain focussed despite the various challenges that they may encounter in their ministries. Also, the gathering is used as a networking tool for the various branches to learn best practices from one another. Those in the offices of Reverend Ministers, Pastors, Elders, Deacons and their spouses, and other selected leaders were in attendance to ensure that there would be the necessary balance between ministry and family life. The theme for the 2020 Ministerial Council retreat held from the 30th January to 1st February was “Building a Radical 21st Century Church”. This was held at the London Hilton Hotel in Rotherhithe with Rev Dr David Antwi of the Kharis Church as the guest minister. A second retreat was also organised in August. This had in attendance Reverend Ministers, Pastors and Elders with their spouses and Deacons and

Victorious Women’s Ministry

The UK women’s ministry is specifically geared towards ministering to hurting women with the sole aim of giving them hope irrespective of their situation or circumstances.

It is headed by Reverend (Mrs) Asihene; assisted by other able ladies in the various branches.

The 2020 conference themed "The Power of a Transformed Woman” had the President of the VBCI women’s ministry – Mrs Dora Tackie-Yarboi and Rev Martha Asante as the speakers. They ministered to the ladies encouraging them to go deeper in the word of God and allow it to impact their lives so as to affect their generation and those after them.

Men in the House Conference

The UK Men’s ministry was set up with the main aim of building strong, mighty and responsible men who are able to fulfil their destinies in spite of life’s challenges. It is presided over by Bishop Clement Asihene with Reverend Joseph Acquaye as the Supervising Minister. Men’s Conference, with the theme “Strategies For a New and a Better Life”, took place on the 29th June 2019 with Rev Joseph Acquaye and Rev Reginald Sarpong as the main speakers. The various sessions focussed on Financial Provision, how to be a responsible man amongst others all geared to encouraging the men to take up their roles in the church, home and society seriously.

Lay Pastors Academy

The Lay Pastors Academy which was established to train and equip those who are called into ministry but still maintain secular jobs in order for them to fulfil their ministry, was revamped and renamed Lay Minister’s Academy in 2019. Classes / training are conducted in a life-changing, paradigm-shifting, religion free environment over a twenty-week period. Course contents include Healing and Deliverance, Church Planting and Evangelism, Devotional Life and Pastoral Ministry.

It is an on-going policy of VBCI (UK) that any one holding or aspiring to a leadership position (Deacons, Elders, Pastors, etc) within the church must go through the academy in order to ensure that they properly imbibe the vision of the church. Regrettably the Academy could not hold in 2020 as a result of the global pandemic.

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31 December 2020

VICTORY BIBLE CHURCH INT

Trustees' Annual Report for the year ended

Passion Music Academy

It should be reiterated that the academy has a dual role of encouraging / teaching church members and the youth within the community at large to play musical instruments. This is with the aim of providing an avenue for them to use their skills and talents profitably thereby averting the high incidence of youth crime within the UK. The long term aim of encouraging congregational members to take up the playing of musical instruments thereby reducing the cost of hired professionals is now filtering through the entire system as more and more congregational members are effectively taking up the challenge. It should however be stressed that the academy itself, just like the church, is a non-profit organisation although expected to be self-sustaining through various fund-raising activities.

BCI (Bright Candidate Initiative)

This is the educational arm of VBCI (UK) targeted at pupils at various levels of educational development.

Reports filtering through indicate that the charity’s Saturday school has engendered a great improvement in the grades achieved by pupils in the Church and the local community who have taken advantage of the free extramural services provided therein. Like the Passion Musical Academy, it is the hope of the Board of Trustees that BCIwill continue to help in averting youth crime and encourage the youth to become responsible and respectable citizens in various fields of human endeavour. BCIhas voluntary teachers drawn from various walks of life. 2020 saw the continuation of the running of the Eleven Plus exam preparation to the curriculum. This is with the view of facilitating easy admission to the grammar schools for those who aspire to follow that route. It is worthy of note that quite a number of the pupils who availed themselves of this tuition successfully passed and gained admission to Grammar Schools. The classes for this year were held online via Zoom as a result of the pandemic.

Sanctuary Centre

With the registration of the property as “Sanctuary Centre”, owned by Victory Bible Church International (UK), with UK Highways Authority, back in 2008, the building has now become established as a landmark in the Woolwich area.

Developments in the Branches

The Financial Restructure exercise embarked upon at the beginning of the 2012 continues to bear the desired results as the branches are becoming more conscious of controlling their costs and finding other creative ways to improve their incomes. Greater transparency and accountability has now been entrenched in the charity as a result of the standardization of all our banking operations with the HSBC bank. Due to the pandemic, all church services and programmes were held online in order not to cause disruptions and also to ensure that members’ emotional, spiritual and physical well being were taken care off. It is with great pleasure that we announce as well that all the existing branches are thriving in spite of the challenging economic environment.

Next Generation Church

This is the Youth ministry of VBCI (UK). Borne out of a realization of the need for a foundation to be laid for the next generation, the inception service was held on Saturday, the 4th of October, 2008. This ministry was re-launched on the 18th of January 2015 as Next Generation Church (NGC) by Bishop Asihene. Services are held on Sunday afternoons in order to encourage the youth to invite their “un-churched” friends to a church service where they will be among their own peers. Currently, services are held in Lewisham and Northampton with Pastors Kobby Asihene and David Ankumah as Branch heads in the respective locations. Bishop Sylvester Cobbold continues to be the Supervising Minister of the Youth Ministry. It is hoped that with time the NGC model will be replicated in other local branches of VBCI UK. ThMorning Gloryl f th th h ld i i F b 2020 j t b f th l b l l kd ith i ti i ti f th th f VBCI d i it d Envisioned by Bishop Clement Asihene and started in 2005, Morning Glory, the prayer and prophetic gathering of God’s people on the first Saturday of the month, continues to grow from strength to strength. The ministry has now become an evangelistic and power encounter arm of VBCI (UK). Attendance, now in the hundreds, has been predominantly from non VBCI (UK) members. Morning Glory is hosted by Reverend (Mrs) Asihene and Prophet Emmanuel Baidoo. This monthly programme is held twice monthly, on the first Saturday and second Saturday in London and Northampton, respectively. Victory Praise Night

2015 saw the inception of a new annual event tagged “Victory Praise Night”. It is to be a day set aside for purely Praise, thanksgiving and worship of God. The corporate event could not hold in 2020 mainly due to challenges presented by the Covid 19 crisis.

Other Developments

The weekly teaching service started in 2009 continues in earnest. Aptly named “Open Bible Teaching Service”, the teachings, facilitated by Bishop Clement Asihene, are designed to help God's people to unlearn some traditions and doctrines of men, in order to replace their belief system with the Pure Gospel of Jesus Christ. New Testament Believers now have the opportunity to know and understand WHO THEY ARE IN CHRIST so they can REIGN IN LIFE as successful saints. These meetings now hold weekly online for New Life Sanctuary on Tuesdays and Oasis Sanctuary on Wednesdays.

2020 saw season 12 of “Impartation Night” themed “Flowing with the Spirit “conducted by Bishop Clement Asihene. These nights are also designed with the aim of passing on years of “ministerial experience” to the next generation. These occur during the last Sunday of the month from September to February of the following year. There has been an immense improvement in the lives of members as a consequence of these meetings.

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VICTORY BIBLE CHURCH INT

Trustees' Annual Report for the year ended

31 December 2020

Fundraising activities during the year.

The difference the charity's performance during the year has made to the beneficiaries of the charity

The following highlights the impact of the charity’s activities on our beneficiaries –

The degree to which the achievements and performance during the have benefited wider society

Financial review

The charity's financial position at the end of the year ended 31 December 2020

The financial position of the charity at 31 December 2020 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

2020
£
Donations & Legacies
1,492,505
Total expenditure
(904,256)
588,249
1,491,302
Endowment Revenue Funds
402,458
Total Endowment funds
402,458
Total Funds
1,893,760
Financial review of the position at the reporting date,
Unrestricted Revenue Funds available
for the general purposes of the charity
Net Income		 2019
£
996,899
(926,909)
69,990
903,053
402,458
402,458
1,305,511
31 December 2020

Total income for 2020 was £1,492,505.01 with a total expenditure of £904,255.756. Compared to 2019 with £996,899 in total income and £926,909 in expenditure.

Compared to 2019, in which there was a surplus of £69,990, 2020 had a net improvement of £588,249.25. The tight budgetary control exercised by the Board of Trustees and the Finance Team with regards to the on-going judicious usage of the charity's increased income and the emphasis on increased efficiency are the main reasons for the turnaround in the charity's finances.

It is the intention of the Board of Trustees to continue implementing the "Financial Restructure" program to further ensure "Effectiveness, Efficiency, Economic viability and Equity" and greater corporate ownership in 2021.

The Board of Trustees and the Finance Team are satisfied with the current state of the Charity's finances

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31 December 2020

VICTORY BIBLE CHURCH INT

Trustees' Annual Report for the year ended

Policies on reserves.

The charity acquired and registered the property now known as "Sanctuary Centre" in April 2008. The building has now become established as a landmark in the Woolwich area and is also a melting pot where people from various walks of life can receive Godly assistance and guidance. Oasis Sanctuary, one of the church's branches, has the privilege of meeting in the premises on an on-going basis. The freehold for an additional property, previously occupied by VBCI New Life Sanctuary, was acquired in Lewisham in 2019, thereby expanding the property portfolio of the charity. We intend to hold cash reserves equivalent to three months running costs of the organisation and build up the reserves as the finances of the charity improves. We aim to create a designated fixed assets fund to highlight the reserves invested in the tangible assets we use in carrying out our activities. The designated amount will be equivalent to the total net book value of fixed assets less any fixed assets held in restricted funds. As the finances of the charity improve, it is our intention to revisit short-term investments in the form of fixed deposit accounts. Property acquisition where we know that the rental and other associated costs can be easily covered will also continue to be emphasized. We will pro-actively assess the above in order to ensure that we minimise the charity's risk exposure whilst maximising returns.

Availability and adequacy of assets of each of the funds

The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), . The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund

In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.

This report was approved by the Board of Trustees on 28 October 2021.

MRS JENNIFER ADOFO Secretary to the Board of Trustees

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VICTORY BIBLE CHURCH INT

Unaudited Report to the Trustees of the charity on the accounts for the year ended 31 December 2020

Respective responsibilities of the Trustees and the Auditor and the basis of the report

As described on page 9, you, the charity's Trustees, are responsible for the preparation of the financial statements in

accordance with the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practiceand for being satisfied that the financial statements give a true and fair view.

The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply,

and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, the Trustees have elected that the financial statements be subject to independent examination. The financial statements are required to be audited under any legal provision, or

otherwise, and - a) examine the financial statements of the charity under Section 145 of the Act; b) follow the applicable procedures in the Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of the unauditored Statement and scope of work undertaken

Subject to the limitations upon the scope of my work as detailed above, I have completed my examination: and can confirm that:-

The gross income of the charity in the year ended 31 December 2020 appears to exceed the sum specified in Section

145(3) of the Act, namely £250000, and that I am qualified to act as Independent Examiner in accordance with that section by virtue of my being a qualified member of Chartered Accountants; The accounts are being examined in the circumstances specified in Regulation 34(3)(b, and the date when the Charity

Commission dispensed with the requirements for audit under Section Section 144(1) of the Charities Act 2011 (the Act) of the Act was :- 01 January 2017

This is a report in respect of an examination carried out under 145 of the Act and in accordance with Directions given

by the Charity Commission under section 145(5)(b) of the Act which may be applicable;

and that no material matters have come to my attention in connection with the examination giving me cause to believe

that in any material respect:-

accounting records were not kept in respect of the charity as required by with Section 130 of The Charities Act 2011;

the financial statements do not accord with those records; or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view, which is not a matter considered as part of an independent examination; have not been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

This report was signed on 30 October 2020

17

VICTORY BIBLE CHURCH INT

Statement of Financial Activities for the year ended 31 December 2020

Current year
Unrestricted
Funds
2020
£
Income & Endowments
Donations & Legacies
A1
1,492,505
Expenditure
Expenditure on charitable activitie B2
904,256
Total expenditure
B
904,256
Net income for the Year
A-B
588,249
Transfers between funds
C
Net income after transfers
A-B-C
588,249
588,249
Reconciliation of funds:-
E
Total funds brought forward
903,053
Total funds carried forward
1,491,302
SOR
P
Ref
Net movement in funds		 Current year
Current year
Current year
Prior Year
Restricted
Funds
Endowment
Funds
Total Funds
Total Funds
2020
2020
2020
2019
£
£
£
£
-
-
1,492,505
996,899
-
-
904,256
926,909
-
-
904,256
926,909
-
-
588,249
69,990
-
-
588,249
69,990
-
-
588,249
69,990
-
402,458
1,305,511
1,235,521
-
402,458
1,893,760
1,305,511

The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

All activities derive from continuing operations

The notes attached on pages 20 to 22 form an integral part of these accounts.

18

VICTORY BIBLE CHURCH INT

Analysis of prior year total funds, as required by paragraph 4.2 of the SORP

Prior Year
Unrestricted
Funds
2019
£
Income & Endowments
Donations & Legacies
A1
996,899
-
Total income
A
996,899
Expenditure
-
Expenditure on charitable activitie B2
926,909
Total expenditure
B
926,909
Net Income for the Year
A-B
69,990
Transfers between funds
C
-
Net income after transfers
69,990
69,990
Reconciliation of funds:-
E
Total funds brought forward
833,063
Total funds carried forward
903,053
SOR
P
Ref
Net movement in funds		 Prior Year
Restricted
Funds
2019
£
-
-
-
-
-
-
-
-
-
-		 Prior Year
Endowment
Funds
2019
£
-
-
-
-
-
-
-
-
402,458
402,458		 Prior Year
Total Funds
2019
£
996,899
996,899
926,909
926,909
69,990
-
69,990
69,990
1,235,521
1,305,511

All activities derive from continuing operations

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VICTORY BIBLE CHURCH INT

Resources applied in the year ended 31 December 2020 towards fixed assets for Charity use:-

Funds generated in the year as detailed in the SOFA
Resources applied on functional fixed assets
Net resources available to fund charitable activities		 2020
£
588,249
(29,877)
558,373		 2019
£
69,990
(24,646)
45,343

The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposals.

The notes attached on pages 20 to 22 form an integral part of these accounts.

Movements in revenue and capital funds for the year ended 31 December 2020

Revenue accumulated funds

Unrestricted
Restricted
Funds
Funds
2020
2020
£
£
Accumulated funds brought forwar
903,053
-
Recognised gains and losses befo
588,249
-
1,491,302
-
Closing revenue funds
1,491,302
-
Summary of funds
Unrestricted
Restricted
and
Funds
Designated funds
2020
2020
£
£
Revenue accumulated funds
1,491,302
-		 Endowment
Funds
2020
£
402,458
-
402,458
402,458
Endowment
Funds
2020
£
402,458		 Total
Funds
2020
£
1,305,511
588,249
1,893,760
1,893,760
Total
Funds
2020
£
1,893,760		 Last year
Total Funds
2019
£
1,235,521
69,990
1,305,511
1,305,511
Last Year
Total Funds
2019
£
1,305,511

The notes attached on pages 20 to 22 form an integral part of these accounts.

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VICTORY BIBLE CHURCH INT 21

VICTORY BIBLE CHURCH INT

Income and Expenditure Account for the year ended 31 December 2018 as required by the Companies Act 2006

Income
Income from operations
Gross income in the before exceptional items
Gross income in the including exceptional items
Expenditure
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Governance costs
Realised losses on disposals of social investments which are programme related
Total expenditure in the
Tax on activity
Retained surplus for the financial year
Net Income after tax
Net Income for the year		 2020
£
1,492,505
1,492,505
1,492,505
846,697
48,058
9,500
-
904,256
588,249
-
588,249
588,249		 2019
£
996,899
996,899
996,899
879,826
42,083
5,000
-
926,909
69,990
-
69,990
69,990

All activities derive from continuing operations

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.

The notes attached on pages 20 to 22 form an integral part of these accounts.

22

VICTORY BIBLE CHURCH INT - Balance Sheet as at 31 December 2020

Notes SORP
Ref
Fixed assets
A
Tangible assets
3
A2
Current assets
B
Debtors
4
B2
Cash at bank and in hand
B4
Creditors: amounts falling due within
one year
5
C1
Net Current Asset
Total asset less current Liabilities
Creditors: amounts falling due after
more than one year
6
C2
Total Net asset of charity
Endowment funds
Endowment Revenue Funds
9
D1
Restricted funds
Unrestricted Funds
Unrestricted Revenue Funds
9
D3
Designated Funds
Total Assets funded by:
2020
£
3,034,641
-
719,339
719,339
(14,989)
704,350
3,738,991
(1,845,231)
1,893,760
402,458
1,491,302
1,893,760
-
-		 17,793
177,336
195,129
(13,434)		 2019
£
3,052,823
181,695
3,234,517
(1,929,006)
1,305,511
402,458
903,053
1,305,511
-

23

VICTORY BIBLE CHURCH INT - Balance Sheet as at 31 December 2020

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..

The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.

The charity is subject to Independent Examination under charity legislation, and the report of the examiner is on page 13.

The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to compa

MR DIMEJI ABIOYE Treasurer of The Board of Trustees Approved by the board of trustees on 1st March 2021

The notes attached on pages 20 to 22 form an integral part of these accounts.

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VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2020

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.

Risks and future assumptions

The charity is a public benefit entity.

Policies relating to categories of income and income recognition.

Nature of income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Categories of Income

Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitled is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donated services and facilities are included at the value of the charity where this can be quantified. The value of services provided by volunteers has not been included.

Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.

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VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2020

Income recognition

Income is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.

However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers

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VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2020

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. 2 Liability

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law.

Endowment funds are funds donated to the charity, where the funds shall be invested and the charity shall enjoy the benefit of the income from the capital fund, but where restrictions are placed The charity operates a defined benefit pension scheme. Contributions are charged to the profit and loss account and liabilities are accounted for in accordance with the principles set out in module 17 of the SORP.

Pensions - defined contribution schemes

The charity operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.The charity operates a defined benefit pension scheme. Contributions are charged to the profit and

loss account and liabilities are accounted for in accordance with the principles set out in module 17 of the SORP.

Policies relating to assets, liabilities and provisions and other matters.

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.

Land and Building Straight line over 100 years Plant and machinery 20 % straight line Motor vehicles 25 % straight line

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

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VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2020

2 Staff costs and emoluments

Salary costs
Gross Salaries
Employer's contribution to defined benefit pension schemes
Total salaries, wages and related costs
Numbers of full time employees or full time equivalents
The average number of total staff employed in the year was		 2020
£
225,051
28,650
253,701
2020
25		 2019
£
345,617
29,904
375,521
2019
27

No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.

3 Tangible fixed assets

Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the Year
On disposals
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
Debtors
Prepayments and accrued income
Other debtors		 Land and
Buildings
Plant &
Equipment
£
£
3,192,321
234,851
-
29,877
-
3,192,321
264,728
160,353
213,996
31,923
16,135
-
-
192,276
230,132
3,000,045
34,596
3,031,968
20,855		 Motor
Vehicles
£
12,477
-
-
12,477
12,477
-
-
12,477
-
-
2020
£
-		 Total
£
3,439,649
29,877
-
3,469,526
386,827
48,058
-
434,885
3,034,641
3,052,823
2019
£
15,000
2,793
17,793

4 Debtors

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VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2020

5
Creditors: amounts falling due within one year
Accruals
PAYE, NIC VAT and other taxes
6
Creditors: amounts falling due after one year
Mortgage
7
Income and Expenditure account summary
At 1 January 2020
Prior year adjustments
At 1 January 2020
Net income for the year
At 31 December 2020
8
Particulars of how particular funds are represented by assets and liabilities
At 31 December 2020
Unrestricted
Designated
Endowment
funds
funds
funds
£
£
£
Tangible Fixed Assets
3,034,641
Investments at valuation:-
Current Assets
316,881
-
402,458
Current Liabilities
(14,989)
-
-
Long Term Liabilities
(1,845,231)
-
-
1,491,302
-
402,458
At 1 January 2020
Unrestricted
Designated
Endowment
funds
funds
funds
£
£
£
Tangible Fixed Assets
3,052,823
Investments at valuation:-
Current Assets
(207,329)
402,458
Current Liabilities
(13,434)
-
Long Term Liabilities
(1,929,006)
-
903,053
-
402,458		 -
2020
£
9,500
5,489
14,989
2020
£
1,845,231
2020
£
-
588,249
588,249
Restricted
funds
£
-
Restricted
funds
£
-		 -
2019
£
7,594
5,841
13,434
2019
£
1,929,006
2019
£
-
69,990
69,990
Total
Funds
£
3,034,641
719,339
(14,989)
(1,845,231)
1,893,760
Total
Funds
£
3,052,823
195,129
(13,434)
(1,929,006)
1,305,511

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VICTORY BIBLE CHURCH INT

Notes to the Accounts for the year ended 31 December 2020

9 Change in total funds over the as shown in Note "&Note_Funds&" , analysed by individual funds

See Note 10
£
£
£
Unrestricted and designated funds:-
Unrestricted revenue funds
903,053
588,249
Total unrestricted and designated funds
903,053
588,249
-
Endowment funds:-
Revenue Endowment Funds -
balance still to be analysed in
(402,458)
-
402,458
Total endowment funds
-
402,458
-
Total charity funds
903,053
402,458
-
10 Analysis of movements in funds over the yearas shown in Note "&Note_Individual.funds
Other
Income
Expenditure
Gains &
Losses
2020
2020
2020
£
£
£
Unrestricted and designated funds:-
Unrestricted revenue funds
1,492,505
(904,256)
-
Endowment funds:-
1,492,505
(904,256)
-
Movement in
funds in 2020
Transfers
between funds
in 2019
Funds brought
forward from
2019		 £
1,491,302
1,491,302
402,458
402,458
1,893,760
Movement
in funds
2020
£
588,249
588,249
Funds carried
forward to 2021

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VICTORY BIBLE CHURCH INT

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

This analysis is classsified by conventional nominal descriptions and not by activity.

11 Donations

Donations and gifts from individuals
Small donations
Total Donations
A1
Small donations		 Current year
Unrestricted
Funds
2020
£
1,492,505
1,492,505
1,492,505		 Current year
Current year
Restricted
Funds
Endowment
Funds
2020
2020
£
£		 Current year
Total Funds
2020
£
1,492,505
1,492,505
1,492,505		 Prior Year
Total Funds
2019
£
996,899
996,899
996,899

12 Expenditure on charitable activities - Direct spending

Current year
Unrestricted
Funds
2020
£
Gross wages and salaries -
charitable activities
225,051
Employers' NI - Charitable
Defined benefit pension costs -
charitable activities
28,650
Travel and Subsistence -
Charitable Activities
12,936
Donation , Support and
Benevolence
187,067
Services and Church Expenses
142,823
Training and Seminar
12,609
Missions and Global Outreach
24,502
Total direct spending
B2a
633,638		 Current year
Current year
Current year
Prior Year
Restricted
Funds
Endowment
Funds
Total Funds
Total Funds
2020
2020
2020
2019
£
£
£
£
225,051
345,617
-
-
28,650
29,904
12,936
20,509
187,067
63,314
142,823
106,308
12,609
24,581
24,502
25,349
633,638
615,582

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VICTORY BIBLE CHURCH INT

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

13 Support costs for charitable activities Support costs for charitable activities
Current year Current year Current year Current year Prior Year
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds
2020 2020 2020 2020 2019
£ £ £ £ £
Premises Expenses
Rent payable under operating 9,129 9,129 67,072
Room Hire 74,400 74,400 71,477
Light heat and power 12,109 12,109 11,753
Cleaning ,Water, Rate and 13,678 13,678 -
Premises repairs, renewals and 7,173 7,173 -
Mortgage interest Payment 42,975 42,975 35,817
Administrative overheads
Telephone, fax and internet 10,546 10,546 4,601
Postage -
Hire of equipment and Repairs 680 680
Health and safety costs 765 765
Advertising and marketing 2,284 2,284
Liabilty and contents insurance -
Sundry expenses - - 6,499
Printing, publications and Books 6,514 6,514 2,793
Equipment,repairs,expenses and - - 10,049
Insurance 3,905 3,905 5,184
Office expenses 2,340 2,340 18,051
Administrative Expenses 6,148 6,148 14,850
Professional fees paid to advisors other than the auditor or examiner
Other legal and professional 20,413 20,413 18,763
Financial costs
Bank charges - - 128
Depreciation & Amortisation in total 48,058 48,058 42,083
Support costs before reallocation 261,118 261,118 301,726
Total support costs 261,118 261,118 301,726

The basis of allocation of costs between activities is described under accounting policies

14 Other Expenditure - Governance costs

Independent Examiner's fees
Total Governance costs
15 Total Charitable expenditure		 Current year
Unrestricted
Funds
2020
£
9,500
9,500
Current year
Unrestricted
Funds
2020		 Current year
Current year
Current year
Prior Year
Restricted
Funds
Endowment
Funds
Total Funds
Total Funds
2020
2020
2020
2019
£
£
£
£
9,500
5,000
9,500
5,000
Current year
Current year
Current year
Prior Year
Restricted
Funds
Endowment
Funds
Total Funds
Total Funds
2020
2020
2020
2019

32

VICTORY BIBLE CHURCH INT

Detailed analysis of income and expenditure for the year ended 31 December 2020 as required by the SORP 2015

£
Total direct spending
B2a
633,638
Total support costs
B2d
261,118
Total Governance costs
B2e
9,500
Total charitable expenditure
B2
904,256		 £
£
£
£
633,638
615,582
261,118
306,327
9,500
5,000
904,256
926,909

33